Great potential for Vietnamese goods to enter Africa, Middle East

Vietnam is the largest exporter of agricultural products to the UAE, with exports of cashew nuts, rice, fruits and vegetables, and tea increasing by 60%, 30.9%, 18%, and 15.4% in the first 10 months of 2023. The UAE is a member of the Gulf Cooperation Council, allowing Vietnamese goods to compete in the market without double tax.

Nguyen Duy Hung from the Vietnam Trade Office in Egypt said that Vietnam's main exports to Egypt are food and drinks like coffee, seafood, coconut rice, pepper, and cashew nuts. However, these products are facing fierce competition from similar goods from other countries.

A representative from the Vietnam Trade Office in Nigeria stressed that Nigeria is a possible market for Vietnamese goods because it is the most populous country in Africa and has the world's fastest-growing consumer market.

The country’s consumption growth is predicted to surge by 150% to 603 billion USD in 2030 from 240 billion USD in 2023. Nigeria is also expected to buy about 2.1 million tonnes of rice in 2024, making it the biggest rice importer in the world.

Speakers advised domestic exporters to be cautious in trade transactions with partners in Africa and the Middle East, saying that the risk in payment is the most important issue to pay heed to.

For security reasons, they said, businesses should pick a safe way to pay, like a letter of credit (L/C).

Source: Nhân Dân